TR Property Investment Trust
This trust invests in the shares of property companies of all sizes, typically within Europe and the UK. It will also have a small amount invested in physical property in the UK. Its managers look for well-run businesses in sectors including retail, office, residential, industrial property and alternatives (which includes student accommodation, self-storage and healthcare). The trust has a history dating all the way back to 1905, although it became a real estate specialist vehicle in 1982.
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Marcus Phayre-Mudge, Lead Manager Marcus has managed the TR Property Investment Trust since 2011 and is a partner at Thames River Capital (now part of Columbia Threadneedle Investments). He previously worked at Henderson Global Investors from 1997 to 2004 and was also an Associate Partner at Knight Frank. Marcus co-manages the CT Property Growth & Income Fund, which he launched in 2005, and the CT Global Real Estate Securities Fund. He is a Chartered Surveyor with a BSc (Hons) in Land Management from Reading University.
Marcus Phayre-Mudge, Lead Manager Marcus has managed the TR Property Investment Trust since 2011 and is a partner at Thames River Capital (now part of Columbia Threadneedle Investments). He previously worked at Henderson Global Investors from 1997 to 2004 and was also an Associate Partner at Knight Frank. Marcus co-manages the CT Property Growth & Income Fund, which he launched in 2005, and the CT Global Real Estate Securities Fund. He is a Chartered Surveyor with a BSc (Hons) in Land Management from Reading University.
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Talking Factsheet
Quote from the Fund Manager
Property is a fairly niche investment, but I like to remove the noise and keep things simple - the world is my investment universe and well-run property businesses are what I seek.
Marcus Phayre-Mudge
Lead Manager
Investment process
Marcus has a structured but pragmatic process. He analyses how economic policies will affect property as an asset and individual property companies. He makes full use of all the members of his team to ensure every investment opportunity receives in-depth attention. Technically, the trust can invest anywhere in the world but, in practice, the focus—and the trust’s benchmark—is a pan-European index. Although the trust primarily buys property shares, the team will also have around 10% of the portfolio in physical property. This is so that they will always have first-hand information about the state of the market, without any third-party influence.
Risk
As mentioned, the trust invests primarily in property company shares and with only around 10% exposure to physical bricks and mortar. As a result, it is not only exposed to fluctuations in commercial property prices, but also to stock market volatility. However, the manager is highly experienced and his thorough investment process, along with the large number of stocks held (around 75), reduces the risk somewhat.
ESG
ESG - Limited
This fund focuses primarily on governance, which is a key element in the investment decision-making process. Marcus looks for well-managed businesses, with management teams that have effective oversight of their portfolio of assets. He will avoid poorly run companies, which he believes will result in financial issues in the long-term and prove to be poor investments.
In addition to this, Marcus does supplement the analysis with data from a number of sources, both external (through Global Real Estate Sustainability Benchmark and MSCI) and through the in-house Responsible Investment team. The team is using these sources to build an effective database of ESG data, which it intends to use to develop an ESG filtration system that will be a further complement to the existing process in the coming year.
Gearing
The maximum gearing allowed is 25% of the portfolio value. The board monitors this gearing to ensure it remains within the limits set and continues to be in the interest of shareholders. In the 2019-20 financial year, the board added to its short-term debt facilities with a new relationship and loan facility of £20m with the ICBC and added a further £25m to its facility with RBS.
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